MRVC, World Bank initiate talks for loan to fund MUTP-3

Money matters if Mumbai wants its suburban train network to be expanded further north.

MUMBAI: Over the past few days, authorities from Mumbai Rail Vikas Corporation (MRVC) have been in and out of meetings with the World Bank to take a loan for the Mumbai Urban Transport Project-3 (MUTP-3) which is estimated to cost Rs 1,0,947 crore.

“The meetings are ongoing where we are working out the loan modalities for MUTP-3. We are asking for around Rs 6,000 crore,” said R Khurana, chairman and managing director, MRVC.

Sources said these are initial rounds of meetings and that it will take at least another six to eight months before the two organisations finalise details such as the loan amount, period of loan and rate of interest.

MUTP-3 DETAILS

The project involves quadrupling of Virar-Dahanu, new suburban corridor on Panvel-Karjat and an elevated rail corridor connecting Kalwa and Airoli. It is estimated to cost Rs 1,0,947-crore.